The Universal Guaranteed Pension (PGU) is a key benefit for older adults in Chile, designed to provide them with a minimum income that allows them to meet their basic needs. This contribution replaced the Basic Solidarity Pension for the Elderly (PBSV) and the Solidarity Pension Contribution for the Elderly, consolidating state aid for those who have reached the third age into a single system. The PGU is available to those who have turned 65, regardless of whether they are retired under the AFP system or continue working.
To access the PGU, it is necessary to meet certain requirements. requirements. Beneficiaries must not belong to the richest 10% of the population, and their base pension must be less than $1,158,355. In addition, proof of residency in Chile for at least 20 years is required, although it is also possible to qualify if one has resided in the country for at least four of the last five years. These criteria ensure that aid reaches those who need it most, providing economic support at a stage of life when income is often limited.
The Guaranteed Universal Pension is managed by the Social Security Institute (IPS), which is responsible for making monthly payments of up to $214,296 to beneficiaries. This amount is essential for many older adults, as it supplements their income, allowing them greater financial stability if they meet the requirements. requirementsHowever, there is a specific group that is excluded from this benefit: those who are contributors or pensioners of the National Defense Pension Fund (Capredena) and the Carabineros Pension Directorate (Dipreca).
An important feature of the PGU The pension amount is adjusted annually to maintain its purchasing power in the face of inflation. This adjustment is made automatically every February 1st, based on the variation in the Consumer Price Index (CPI) of the previous year. This ensures that the pension continues to meet its objective of financial support, adapting to changes in the cost of living.
The next readjustment of the PGU The subsidy will be implemented in February 2025, meaning that beneficiaries will see an increase in their payments from that date. This adjustment mechanism is essential to maintain the relevance of the benefit in an economic environment where prices for goods and services tend to increase over time.
